• Report: #250611

Complaint Review: Ocwen, Wilshire Credit, Select Portfolio Servicing

  • Submitted: Sat, May 26, 2007
  • Updated: Tue, January 01, 2008

  • Reported By:MASON Ohio
Ocwen, Wilshire Credit, Select Portfolio Servicing
12650 Ingenuity Drive Orlando, Florida U.S.A.

Ocwen, Wilshire Credit, Select Portfolio Servicing Refused to a workout program, sold loan, got on FB plan, sold again and refused pmts, now sold once again and received Forclosure notice- we have until 6/21/07 to come up with $28k !! Orlando Florida

*Consumer Comment: A 2nd lien can foreclose

*Consumer Suggestion: 2nd Mortgage

*Consumer Suggestion: I'm in for a class action, I have over $20,000 in losses by Wilshire

*Consumer Comment: Fairbanks Capital changed their name to Select Portfolio Servicing

*Consumer Comment: Fairbanks Capital changed their name to Select Portfolio Servicing

*Consumer Comment: Fairbanks Capital changed their name to Select Portfolio Servicing

*Consumer Comment: Fairbanks Capital changed their name to Select Portfolio Servicing

*Consumer Suggestion: Suggestion for dealing with Foreclosure.

*Consumer Comment: Count me in!

*Consumer Comment: Count me in!

*Consumer Comment: Count me in!

*Consumer Comment: Count me in!

*Consumer Comment: class action lawsuit! im in

*Author of original report: Ocwen Federal Bank

*Author of original report: 2nd Mortgages goes from $42k to $67k ! Tranferred -Transferred and Transferred!

*Author of original report: 2nd Mortgages goes from $42k to $67k ! Tranferred -Transferred and Transferred!

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Our 2nd mortgage was with Ocwen Federal Bank. We got into trouble with our 2nd mortgage and continuously wrote them requesting for assistance. We never received a response until they decided to sell our loan to Wilshire Credit. Again, we continued making the payments but were consistantly behind.

We contacted Wilshire and was told they were unable to help us. Next we receive a court document stating they are starting Foreclosure! On our 2nd mortgage! We paniced and I contacted a local company who said they could help us negotiate something to resolve this matter. We gave this company temporary power of attoryney to speak on our behalf to Wilshire Credit! Finally, we were advised that they agreed to a Forbearance Program. The documents were created by an attorney firm, local and we had to get them notarized. The arrangment was to pay $1000.00 in November 2005, then our regular monthly payment of $471.00 PLUS $350.00 in December 2006, January- February- and March 2007----- and we were to contact Wilshire prior to March 25th, 2007 for further instructions. We paid every single one of those payments on time, SOMEHOW. However, January 2006, we received a notice from Wilshire Credit that our loan was being sold and serviced by Select Portfolio Servicing as of February 15, 2006. I called Wilshire, as directed early March 2006 and was told that they do not hold our loan and we need to contact Select Portfolio Servicing.

I then called Select Portfolio Servicing and got their address. Nothing else was discussed. We continued with our Forbearance Plan payment arrangement- mailing February, March, April and May 2006 payments to Select Portfolio Servicing! Since the time SPS took over the loan, I sent several letters to them, to have a paper trail, requesting they allow us to continue with the Forbearance payments until the loan was up to date! With no response, I called them again and talked to a foreign man, who I could not understand.. Then I talked to another lady who said they are not honoring any arrangement and we need to pay the $42,000.00 to stop legal action! Ok, let me write you a check right now!!

The new company, SPS, accepted and posted our Feb/March/April pmts and then out of the blue returned our May payment with an explaination, "Less than Due". At that time, I called the company back that originally made the arrangements for the Forbearance Plan for us. He said that Wilshire never should have sold the loan while in the middle of the legal Forbearance Plan and the new company, SPS should have honored the plan! SPS never sent us any Demand Letter !

We then hired a real estate attorney to assist us with the matter, back in June of 2006. He's been alot of help! Psych! Bills us over $2000.00 since June for "reviewing documents".. he hasn't once made contact with the mortgage company. Now that the loan was once again sold as of april 2007- the new company now- after SPS, states we owe a balance of $67,000.00 !! How did the balance go from $42k to $67k ??

We are at a complete loss and are ready to take care of this! Too many honest, hard working people are being taken advantage of these days!
My husband and I are more than willing to head up a class action suit against Ocwen, Wilshire Credit,and Select Portfolio Servicing!

In the meantime, we aren't sure what to do!! We don't have $28k (new company states must be paid to stop FC)!!!!! We thought we were getting help from a professional lawyer, but that has done no good! These companies MUST be STOPPED !!!! Let's take the bull by the horns and go after them!

Laura
MASON, Ohio
U.S.A.

This report was posted on Ripoff Report on 05/26/2007 08:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ocwen-Wilshire-Credit-Select-Portfolio-Servicing/Orlando-Florida-32826/Ocwen-Wilshire-Credit-Select-Portfolio-Servicing-Refused-to-a-workout-program-sold-loan-250611. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

A 2nd lien can foreclose

AUTHOR: Mallory - (U.S.A.)

James, You are incorrect. A 2nd lien can absolutely FC on a property.
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#2 Consumer Suggestion

2nd Mortgage

AUTHOR: James - (U.S.A.)

Your second mortgage can't foreclose on you.
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#3 Consumer Suggestion

I'm in for a class action, I have over $20,000 in losses by Wilshire

AUTHOR: Rhett Attwood - (U.S.A.)

I too have my own report on this and have responded to several threads.

Companies like Wilshire should be put out of business and laws should be in place to protect the consumer from these so called loan servicing companies.

Rhett
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#4 Consumer Comment

Fairbanks Capital changed their name to Select Portfolio Servicing

AUTHOR: Sherry - (U.S.A.)

Just wanted to let you know I lost my home to Fairbanks Capital now Select Portfolio Servicing. Fair Banks Capital was sued in a class action law suit and and had to pay 40 million to settle. I received a whopping $1100.00, I had $50,000.00 in equity. Fairbanks did the same thing to me, it was a nightmare. Now, select portfolio refuses to remove the foreclosure from my credit even after they were ordered by the court to do so. Looks like they are back to their old tricks only under a different name. Fight back don't give up, take them to court!
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#5 Consumer Comment

Fairbanks Capital changed their name to Select Portfolio Servicing

AUTHOR: Sherry - (U.S.A.)

Just wanted to let you know I lost my home to Fairbanks Capital now Select Portfolio Servicing. Fair Banks Capital was sued in a class action law suit and and had to pay 40 million to settle. I received a whopping $1100.00, I had $50,000.00 in equity. Fairbanks did the same thing to me, it was a nightmare. Now, select portfolio refuses to remove the foreclosure from my credit even after they were ordered by the court to do so. Looks like they are back to their old tricks only under a different name. Fight back don't give up, take them to court!
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#6 Consumer Comment

Fairbanks Capital changed their name to Select Portfolio Servicing

AUTHOR: Sherry - (U.S.A.)

Just wanted to let you know I lost my home to Fairbanks Capital now Select Portfolio Servicing. Fair Banks Capital was sued in a class action law suit and and had to pay 40 million to settle. I received a whopping $1100.00, I had $50,000.00 in equity. Fairbanks did the same thing to me, it was a nightmare. Now, select portfolio refuses to remove the foreclosure from my credit even after they were ordered by the court to do so. Looks like they are back to their old tricks only under a different name. Fight back don't give up, take them to court!
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#7 Consumer Comment

Fairbanks Capital changed their name to Select Portfolio Servicing

AUTHOR: Sherry - (U.S.A.)

Just wanted to let you know I lost my home to Fairbanks Capital now Select Portfolio Servicing. Fair Banks Capital was sued in a class action law suit and and had to pay 40 million to settle. I received a whopping $1100.00, I had $50,000.00 in equity. Fairbanks did the same thing to me, it was a nightmare. Now, select portfolio refuses to remove the foreclosure from my credit even after they were ordered by the court to do so. Looks like they are back to their old tricks only under a different name. Fight back don't give up, take them to court!
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#8 Consumer Suggestion

Suggestion for dealing with Foreclosure.

AUTHOR: Housing Counselor - (U.S.A.)

I filed most of this as it's own report but wanted to reply to your message to make sure you saw it. Call the hud number listed below. This is long but has important information:

Unfortunately in the housing counseling industry (at least in my experience) the training provided for assisting homeowners with mortgage issues focuses on mortgages that are insured by the FHA (Federal Housing Administration) under the US Dept of Housing and Urban Development (HUD). Those loans are very regulated and the lenders and servicers of those loans (including Wilshire) are required to handle them in a very specific manor or face HUD. Sub-Prime loans and/or non-conventional loans are often not insured by FHA and therefore do not have the power of the government department specifically designed to address housing issues behind them. Most lenders and servicers out there follow HUD standards anyway, but there are those of the predatory nature that just do what they want because few people know how to fight them.

There are two regulating Agencies operating under the United States Treasury that oversee the operations of banks:

The Office of the Comptroller of the Currency (OCC) (www.occ.treas.gov) charters, regulates, and supervises all national banks. It also supervises the federal branches and agencies of foreign banks. Headquartered in Washington, D.C., the OCC has four district offices plus an office in London to supervise the international activities of national banks.

And:

The Office of Thrift Supervision (OTS) (ots.treas.gov) is the primary federal regulator of federally-chartered and state-chartered savings associations, their subsidiaries, and their registered savings and loan holding companies. OTS was established as a bureau of the U.S. Department of the Treasury on August 9, 1989, and has five regional offices located in Jersey City, Atlanta, Chicago, Dallas, and San Francisco. OTS is funded by assessments and fees levied on the industry it regulates.

Wilshire Credit Corporation (and Merrill Lynch) is regulated by the Office of Thrift Supervision.

If you are not receiving a satisfactory response to your inquiries or poor (horrible!) customer service and they are mishandling your account, tell them you will be filing a complaint with the OTS if they do not assist you or service your loan properly.

If their collection department is harassing you, tell them you will file a complaint with the Federal Trade Commission for them violating the Fair Debt Collection Practices Act.

If they change the terms of your loan or asses you late fees within 60 days of the transfer, tell them you will file a complaint with HUD for violating the The Real Estate Settlement Procedures Act (RESPA).

See the HUD article below for specifics about writing your complaint. You should complain in writing to the president of the corporation first (see instructions) and I would Copy the president of Merrill Lynch sending both letters Certified Mail Return Receipt Requested.

Document EVERYTHING. Keep a phone/ log or journal with date and time of your calls, who you spoke to and a summary of what happened. Keep ALL correspondence.
If you have been scammed by Wilshire or any other lender/servicer. PLEASE file complaints with these agencies and your state Attorney General.

From HUD's website:
http://www.hud.gov/offices/hsg/sfh/res/rightsmtgesrvcr.cfm

When you apply for a home mortgage, you may think that the lender, or loan originator, will service the loan until it is paid off or your house is sold. However, in today's market mortgage servicing rights often are bought and sold. The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute. Sections 6 and 10 of RESPA provide you with certain rights regarding the servicing of your mortgage and escrow account. Please read this important information concerning your rights and the responsibility of your loan servicer.
Duty of Loan Servicer to Respond to Complaints. If you have questions or problems with the servicing of your loan, the servicer is required to respond to you. Write to your servicer and call it a "qualified written request under Section 6 of RESPA." It should be a separate letter and not mailed with your payment. The mortgage servicer must respond to you within 60 business days of receipt. (See Sample Written Complaint to Lender.)
Loan Transferred to New Servicer. Your loan servicer is required to notify you in writing at least 15 days before the servicing of your loan is transferred to a new servicer. The notice must include the following information:
The effective date of the transfer, the date your current servicer will stop accepting payments and the date the new servicer will begin accepting them.
The name, address, and toll-free or collect call telephone number for the new servicer.
Information that tells whether you can continue any optional insurance, such as mortgage life or disability insurance, and what action, if any, you must take to maintain coverage.
A statement that the transfer of servicing does not affect any term or condition of your mortgage documents other than the terms directly related to the servicing of the loan.
Treatment of Payments During Transfer Period. During the 60-day period beginning on the effective date of the transfer, the payment may not be treated as late if you mistakenly send it to the old mortgage servicer instead of the new one.
Escrow Account. RESPA does not require that you maintain an escrow account for the purpose of paying property taxes, hazard insurance, etc. Nor does RESPA have any jurisdiction over the decision of the lender or servicer to require or terminate an escrow account. RESPA does, however, provide you with the following protections with regard to the escrow account:
If your lender or mortgage servicer requires you to maintain an escrow account for the purpose of paying property taxes, hazard insurance, etc., RESPA requires that the servicer pay such items by the dates due to avoid a penalty or late charge.
RESPA sets limits on the maximum amount of money the servicer may require you to maintain and pay in the escrow account. (More information about escrow accounts, including how to calculate the maximum amount RESPA allows the lender to require in the escrow account.)
PMI (Private Mortgage Insurance). RESPA has no jurisdiction over the lender's decision to require PMI. Nor does it have any jurisdiction over the lender's decision to cancel PMI. (The PMI Act provides information regarding cancellation of PMI.)
HUD Hotlines
(FHA BORROWERS PLEASE INDICATE THAT YOUR LOAN IS AN FHA INSURED LOAN.)
Office of RESPA
Office of Housing, Room 9154
US Department of Housing and Urban Development
451 Seventh Street, S.W.
Washington, DC 20410
PHONE 1-800-347-3735 (10:00 A.M. -4:30 P.M. Monday-Friday)
FAX 202-708-4829 Attn: Robert Ashworth
E-MAIL hotline@hudoig.gov

Federal Trade Commission
Consumer Response Center
600 Pennsylvania Avenue, N.W.
Washington, D.C. 20580
Consumer Response Center's toll free number: 877-FTC-HELP

Office of Thrift Supervision
Complaints regarding a Federally-Chartered Savings Bank (FSB) should also be sent to the Office of Thrift Supervision (OTS). See the OTS website for appropriate regional office to send your complaint. occ.gov/index.htm
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#9 Consumer Comment

Count me in!

AUTHOR: Karen - (U.S.A.)

Ocwen took my home after a heart attack forced me to give up working full time. They wouldn't work with me, when I tried to work something out with them.

The house went at sheriff's sale. Guess who bought it! Duetche Financial. They are the underwriters for Ocwen and New Century! Smells fishy to me.

Anyway, let me know if and when you are going to file a class action law suit. I am so in!
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#10 Consumer Comment

Count me in!

AUTHOR: Karen - (U.S.A.)

Ocwen took my home after a heart attack forced me to give up working full time. They wouldn't work with me, when I tried to work something out with them.

The house went at sheriff's sale. Guess who bought it! Duetche Financial. They are the underwriters for Ocwen and New Century! Smells fishy to me.

Anyway, let me know if and when you are going to file a class action law suit. I am so in!
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#11 Consumer Comment

Count me in!

AUTHOR: Karen - (U.S.A.)

Ocwen took my home after a heart attack forced me to give up working full time. They wouldn't work with me, when I tried to work something out with them.

The house went at sheriff's sale. Guess who bought it! Duetche Financial. They are the underwriters for Ocwen and New Century! Smells fishy to me.

Anyway, let me know if and when you are going to file a class action law suit. I am so in!
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#12 Consumer Comment

Count me in!

AUTHOR: Karen - (U.S.A.)

Ocwen took my home after a heart attack forced me to give up working full time. They wouldn't work with me, when I tried to work something out with them.

The house went at sheriff's sale. Guess who bought it! Duetche Financial. They are the underwriters for Ocwen and New Century! Smells fishy to me.

Anyway, let me know if and when you are going to file a class action law suit. I am so in!
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#13 Consumer Comment

class action lawsuit! im in

AUTHOR: Jacquelyn - (U.S.A.)

they did the same to me, see my report, i am with you if you want to file a class action, this company needs stopped , and they need to stop ruining the lives of hard working americans
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#14 Author of original report

Ocwen Federal Bank

AUTHOR: Laura - (U.S.A.)

My husband spoke with our attorney today and advised him that we are interested in having him pursue a class action suit! He is looking into it. This attorney we have hired since June 2006 has done a lot of research since then, but has been unable to make contact with any of the mortgage companies to get anything accomplished. How frustrating! We are at witts end! We will keep you posted and if interested, we will notify you with an update! Keep an eye out for our updates!
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#15 Author of original report

2nd Mortgages goes from $42k to $67k ! Tranferred -Transferred and Transferred!

AUTHOR: Laura - (U.S.A.)

our 2nd mortgage began at $42,000.00..... Now up to $67,000.00 HOW???
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#16 Author of original report

2nd Mortgages goes from $42k to $67k ! Tranferred -Transferred and Transferred!

AUTHOR: Laura - (U.S.A.)

our 2nd mortgage began at $42,000.00..... Now up to $67,000.00 HOW???
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